The research-based Millennial Audit uncovers how effective a company or organization is in their effort to target clients, customers or members from the Millennial generation. We measure whether the organization’s culture, strategy and processes are optimized for the expectations of Millennials and provide a score to the organization on its ability to appeal to current and potential Millennial clients or customers.
Millennials, those born between 1980 and 2000, make up a group of about 8.9 million Canadians and they are the next generation of home buyers, parents, voters and business owners. They are the first generation to transition from childhood to adulthood during the internet age and they are changing the way our world works.
Millennials are one of the most difficult groups to engage in research projects because they are highly mobile and less likely to participate in research studies; we help organizations connect to this hard to reach generation. Abacus Data has developed the Millennial audit to help your organization see ways to optimize your position to grow among 15 to 30-year-olds and to improve retention among this group of clients or members in the long term. The audit gives your company a competitive edge by showing you where the company is already successful and providing recommendations on key areas where the organization can improve its products, services or communications to maintain a Millennial client base.
The audit incorporates custom research including consultation with current youth customers, clients or stakeholders through online surveys and follow-up interviews or focus groups. Most importantly, the audit is conducted by Abacus Data auditors from the Millennial generation who share their knowledge and Millennial perspective. Our Millennial auditors review current marketing communications strategies, current marketing materials and consult with members of your leadership team.
No Millennial Audit is the same. We customize our approach to fit your organization. Through our integrated research approach the Abacus Data Millennial Audit helps to close the gap between the customer experience and Millennial expectations.
Our approach measures the organization’s effectiveness at targeting Millennials in four key areas;
Integration First we consider whether decision makers within the organization have recognized the distinct qualities and have considered the key traits of Millennials in developing company strategy.
Visibility The next part of our review considers whether the organization is visible among the Millennial generation by consulting the organization’s external communications activities, community engagement activities and target reach.
Accessibility The Millennial Audit identifies the effectiveness of Millennial client or member recruitment through the membership and orientation process and will determine the company’s accessibility by looking at the product offering and convenience.
Engagement Finally our auditors will consider the organization’s effort to maintain a relationship with current Millennial clients, customers, members or stakeholders.
In each section we consider whether current efforts have taken Millennial life stage and expectations into account and then determine whether these efforts have been effective at reaching and connecting with Millennials.
In 2012 Abacus Data was hired by Your Credit Union in Ottawa to conduct a Millennial Audit to assess communications, products, and processes from a Millennial perspective. The audit findings allowed Your Credit Union to improve its offering, modernize its communications, and increase membership among younger community members.
This audit used a comprehensive evaluation platform that incorporated regional focus groups with members, mystery shopping techniques, auditor evaluation of the orientation process, in-person communication, and a review of marketing and communications activities targeted at this generation.
The final report discussed research findings and gave Your Credit Union a score out of 100% on how effective they were in targeting the Millennial segment and maintaining their current Millennial membership. They used this information and recommendations to inform company strategy at their summer AGM.
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